WesternGeco sued ION and one of ION’s customers for patent infringement in 2009. In 2012, a jury issued a verdict in favor of WesternGeco and awarded WesternGeco damages for reasonable royalties and lost profits. The lost-profits damages were based on the use of ION’s products outside of the United States. On appeal, ION argued that WesternGeco was not entitled to lost-profits damages for two reasons: one, that under applicable law, WesternGeco cannot recoup lost profits for the overseas use of ION’s products by ION’s customers; two, that lost-profits can only be recouped from a direct competitor, and that ION and WesternGeco are not direct competitors in this market.
WesternGeco filed a petition for a writ of certiorari asking the
Other proceedings may have an impact on WesternGeco’s ability to recover lost profits damages even if WesternGeco prevails in the
“We understand this is an important area of law for the
To learn more about the possible timing of these proceedings, visit iongeo.com/lawsuit.
ION is a leading provider of technology-driven solutions to the global oil and gas industry. ION’s offerings are designed to help companies reduce risk and optimize assets throughout the E&P lifecycle. For more information, visit iongeo.com.
ION (Investor relations)
Executive Vice President and Chief Financial Officer
EVP, General Counsel & Corporate Secretary
The information herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include information and other statements that are not of historical fact. Actual results may vary materially from those described in these forward-looking statements. All forward-looking statements reflect numerous assumptions and involve a number of risks and uncertainties. These risks and uncertainties include risks associated with the WesternGeco litigation and other related proceedings. We cannot predict the outcome of this litigation or proceedings. For additional information regarding the WesternGeco litigation see our Form 10-Q for the quarter ending